#StrategyToIssueMorePerpetualPreferreds MicroStrategy’s 2026 Capital Play

MicroStrategy (MSTR), led by CEO Phong Le, is doubling down on perpetual preferred shares as its primary funding vehicle for Bitcoin accumulation. This strategic shift aims to stabilize stock performance, offer structured exposure to digital assets, and reduce reliance on common stock issuance.
🔹 Stretch Preferred Shares – What’s New
• Variable dividend ~11.25% with monthly reset
• Designed to trade near a $100 nominal value
• Appeals to income-focused investors while reducing short-term volatility
🔹 Why This Matters
• Moves away from common share dilution → lowers market swings
• Increases institutional appeal by providing predictable yields and downside protection
• Expands leveraged Bitcoin exposure → higher potential upside if BTC surpasses $73K, but adds risk during downturns
🔹 Market & NAV Context
• MSTR previously faced NAV discounts amid Bitcoin weakness
• Expanding preferred equity helps close valuation gaps and boost investor confidence
• By end of 2025, ~$5.5B raised through preferred programs
🔹 European Expansion & Global Strategy
• Planned Euro-denominated loan products and region-specific tools
• Positioning MSTR as a global digital-asset financial platform, not just a Bitcoin treasury
🔹 Strategic Outlook for 2026
• Perpetual preferred shares blend high-yield income with long-term BTC exposure
• Reduces volatility, strengthens institutional participation, and stabilizes capital
• Success remains Bitcoin-dependent → timing and risk management critical
💡 Takeaway:
MicroStrategy’s 2026 capital strategy is more than fundraising — it’s a structural evolution in crypto finance. By leveraging preferred shares, MSTR is building a bridge between traditional income investors and digital asset markets, while keeping its long-term BTC accumulation ambitions intact.